Solar tariff dips to all-time low of Rs 4 a unit

New Delhi | The solar power tariff dropped to an all-time low of Rs 4 per unit in bidding for 750 MW solar power project at Bhadla solar park in Rajasthan.

“Solar Energy Corporation of India (SECI) has finalised a tender issue for 750 MW solar PV projects in Bhadla solar park, Rajasthan at record low tariff for power sale of Rs 4 per unit with VGF (viability gap funding) support,” a source said.

The source further said, “With this SECI has completed auction of more than 5 GW (total being 5,410 MW) under VGF scheme in a span of less than 15 months. Out of this power purchase agreements (PPAs) signed for 2,520 MW and PSA (power supply agreements) signed for 2,725 MW.”

Earlier in January, the solar power tariff had touched to a record low with Finland-based energy firm Fortum Finnsurya Energy quoting Rs 4.34 a unit to bag the mandate to set up a 70 MW solar plant under NTPC’s Bhadla solar park tender.

Previously, in November last year the solar power tariff had dipped to a low of Rs 4.63 per unit following an aggressive bidding by the US-based SunEdison, the world’s biggest developer of renewable energy power plants.